EU Commission presents plan for reforming carbon emissions market
As part of the Energy Union strategy, the EU Commission presented on Wednesday proposals for revising the EU Emissions Trading System. The reforms cut down on the number of allowances, divided into permits for auction by governments and free allowances to industry, available to the market. They also increase the rate of reduction of allowances from 1.7 per cent a year to 2.2 per cent during the 2021-2030 trading period. The Commission estimates this will lead to a cut of greenhouse gas emissions by 43 per cent compared to 2005. EU Energy Commissioner Miguel Arias Cañete said: “Today we take a decisive step towards enshrining the EU's target of at least 40 per cent emissions cut by 2030 into law.” See also our latest cepInput on the matter.